Deciding to sell a home can potentially lead to a big return on investment. Knowing when the best time to sell can be tricky, but also important in determining the final profit on selling a home. Georgia REALTORS recently released an infographic explaining three reasons why now might be the best time to sell. The three reasons are outlined below:
1. Home Prices are Trending Upward
Deciding when to sell a house is a big decision that takes careful planning and research to ensure the best return on investment is received. With increased home prices from 2018 to 2019, indicators point to now being one of the best times to sell. According to Georgia REALTORS, the average sales price for Georgia from January to June of 2019 was $270,092. This is a 3% increase from the first half of 2018. With prices up from 2018, and no guarantee the trend continues in the upcoming months, now is the best time to sell!
2. Inventory is Tight
For the current Atlanta market, housing inventory is considered to be low. Inventory was recently measured at 43,791. This is a 2% decline when compared to year over year. When the housing inventory is low, buyers tend to contemplate all options in the market area and make quick offers. This is good news for sellers, because it often leads to bidding wars in attempts from buyers to get into the best house in the area. This is especially true in larger cities like Atlanta. To get a better understanding of the Georgia housing inventory and how it is measured, listen to President and CEO of FMLS Jeremy Crawford explain the concept at the podcast link here.
3. Homes are Spending Less Time on the Market
Because the housing inventory is scarce, buyers are acting fast. They will not chance a house selling to another buyer by waiting to make an offer. This is conducive to sellers, because they now have to spend lest time marketing and showing their home when compared to years past. The first half of 2019 showed homes at an average of 56 days on the market. According to Georgia REALTORS, this is a 5% decrease when compared to year over year statistics.
All the pieces are falling in to place for home sellers in Georgia. With increased housing costs, lower inventory and less days on the market, now is the best time to sell a home. For more information on housing costs, inventory counts, monthly housing indicators and more, visit www.garealtor.com. You can also visit www.fmls.com to learn more about products and services related to housing in Georgia.